On February 23, 2024, Lincoln South Rotary Club heard about the nano finance project of Our Biswas (Our Belief In the Services for Women of All Societies). Suchitra Pattnaik, member of Lincoln South Rotary Club, has been personally involved in the program here and in India.
Suchitra used powerful words to describe the program.
Biswas means trust.
Recipients of the program immediately feel the value of ownership - they find hope, they become confident, they gain dignity, their self-esteem is elevated.
The Biswas organization helps women who are in extreme poverty - the poorest of the poor.It is a 501(c)3 Social Benefit organization - www.ourbiswasusa.org/.
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on of Our Biswas: To provides economic empowerment to marginalized women living in remote villages and urban slums through a program of trust and support, called “Nano Finance”.
on of Our Biswas: To provides economic empowerment to marginalized women living in remote villages and urban slums through a program of trust and support, called “Nano Finance”.Suchitra presented the program, the process and the results with the Lincoln South Rotary Club Board. A grant from the club of $1,500 was presented to Biswas. Those funds were used to directly assist nearly 80 women in two urban slum areas of India. In November 2023, Suchitra was in India to help distribute the funds that Lincoln South Rotary Club donated.
We were told that nano means small - minimal amount. The loans are directed to women to have access to individual interest free loan
s of not more than the equivalent of $20.
s of not more than the equivalent of $20.Funds help support them produce goods and provide services that they are then paid for. It may also help with emergency needs, school fees and health care. They have a repayment plan that allows a full year to be cleared.
However, many of the recipients are so motivated, and find he dollars (even that small amount) so helpful in getting their lives on track, that they have paid back in full often in shorter periods of time - several months or even as little as one month. They then have the opportunity to take another loan or leave the funds in the program to enable more women.
The recipients learn about finances and budgeting, working together, and the satisfaction of knowing that they can help others. They are focused on making the program work. As they pay back the funds, they are circulated back into the program - it is self-sustaining. And, they understand that, if they do not do their part, the link is broken, and the multiple generations of poor may continue.The women who have signed up for the program, along with a coordinator that they have selected, discuss how the program will work - the distribution and collection of funds. They also discuss the projects and focus on those suitable to their area. The women may engage in:
- - sewing and alterations
- - farming
- - making items for sale
- - purchasing at wholesale and selling at retail
We were told that the women that we helped with our donated funds were engaged in making dry snacks, tailoring (mostly alteration), tea stall, selling vegetables, and egg farming.
Suchitra shared some of the history of Nano Finance. From her presentation:
- Nano finance was first started in Odisha, India in 2007. Close to 20,000 women are benefited from the program
- Kisoboka Nano Initiative was started in Uganda in 2016. It is a collaboration program with Clover Foundation in Massachusetts.
- Chhattisgarh, India. The program started in Jan, 2020, nano loan started with 65 women and currently it covers more 300 women.
- Cuernavaca, Mexico in September 7, 2021, in collaboration with VAMOS (Vermont Associates For Mexican Opportunity and Support). We gave Nano loans to 20 women.
- Nigeria in Dec, 2021 in collaboration with WOMI ( Work of Mercy Initiative)
- Oakland, California in August, 2020, in collaboration with Community Development Finance (CDF)
- Lincoln, Nebraska in Nov, 2023 in collaboration with Matt Talbot Kitchen and Outreach (MTKO)
Yes - Lincoln, Nebraska. Suchitra worked with Matt Talbot who identified 10 individuals to help initially. They used the funds to pay bills such as electricity and phone or to purchase clothes for job interviews. She reported that a few have already paid their loan back proving that a small loan has a profound impact for some of our needy.
Suchitra shared that she feels that the next aspect of the program might be mental health - especially for the children. If children are given opportunity for meaningful relationships, good mentoring, that will also help break the cycle of poverty.
Click here for the video at the end of the presentation.